Business

Stock markets recover, Dow increasing 1,000 points at closing

Wall Street rebounded Tuesday after the closing bell, the Dow Jones Industrial Average having increased by almost 5%, or 1,164 points.

The markets had jumped at the start of the session, before sliding towards red. The whiplash action came just a day after a historic rout that saw the blue chip index drop 2,013 points, most ever.

President Donald Trump met with lawmakers Tuesday afternoon to discuss "big" measures to allay economic concerns in light of the coronavirus epidemic. Investors hesitated throughout the day, analyzing headlines and reports that focused on whether a solid economic package could be introduced quickly enough to reinforce the growing financial impact of the coronavirus.

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Global stock markets had a horrible start to the week, after a price war between major oil producers in Saudi Arabia and Russia, compounded by concerns over the economic impact of the rapidly spreading coronavirus epidemic.

Companies have canceled industry rallies, banned non-essential travel and asked employees to work from home whenever possible. Health officials have even urged seniors to avoid cruise ships, long trips and public events.

The White House consulted with industry groups on the type of immediate relief that might be needed. Executives from at least seven of the major Wall Street banks are scheduled to meet with Trump in the White House on Wednesday afternoon to discuss the response to the epidemic.

Trump has consistently downplayed the effects of the coronavirus tweeting that a sharp drop in oil prices is good for consumers, and blaming the media for plummeting stocks.

"While we believe a fiscal stimulus package will be produced, the timing and scope remain uncertain," said Ed Mills, analyst at Raymond James.

Lucy Bayly

Lucy Bayly is the commercial writer for NBC News.

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